Bitcoin Advocate Bobby Lee Predicts BTC Will See a Double Top in This Bull
Bobby Lee, the founder and CEO of crypto wallet Ballet and BTC bull has come out to share his prediction for the leading cryptocurrency. According to him, bitcoin will not exceed $100,000 for the first price peak if this bull market is going to see a double top like the case in 2013.
Lee shared this prediction via a weibo post on January 6, saying that a double top scenario, like the case in 2013, is likely to occur in this bull run considering the rapid rise in bitcoin price.
Back in 2013, the price of bitcoin reached its first high in April and peaked out later the year in December. The first high was accompanied by a withdrawal of profit-taking money, which soon led to a correction in price but it kept sideways in the following summer and fall.
“Short-term corrections tend to occur in the same year of a bull market and are smaller in range, perhaps down by 40% to 60%. The real crash after a bull is an 80% drop from its all-time high, followed by a bear market for several years.
From my point of view, if a double top occurs in this bull market, the first high will be somewhere between $70,000 and $99,000, but not above $100,000.” Added Lee.
Bobby is a famous bitcoin advocate and a crypto influencer in China known for the crypto exchange he founded which was the ever first of this kind in the country. Speaking of this bitcoin promoter, a classic conversation about bitcoin in 2014 must be brought up where a TV host as well as an economist were asked by Bobby “if you were offered 100 bitcoin for free, will you accept it?” While the professor shocked Lee and the crypto community as he refused the offer. At the time, the top cryptocurrency was trading at $650.
Last summer, the bitcoin bull has given his prediction via a tweet that the price of bitcoin could potentially exceed $39,900 by the end of 2021, adding that if bitcoin hits his prediction, it would be possible to buy a Tesla CyberTruck with just one BTC. He went on to promise a giveaway of the much-anticipated CyberTruck to a lucky follower that would like and retweet his tweet.
— Bobby Lee – Ballet: World's EASIEST crypto wallet! (@bobbyclee) January 4, 2021
As the price of the leading cryptocurrency broke the $37,000 mark, Lee’s $39,900 price prediction seems to come true soon if the momentum keeps on.
Bitcoin has staged a monster rally since late 2020 and is currently trading at $37,424 up by nearly 30% in the past 7 days. While this is not the only crypto that has reached heights. The second largest cryptocurrency Ethereum has also seen a jaw-dropping rally with an over 60% increase in the past 7 days. Top cryptocurrencies as well as a majority of altcoins are all in the green.
Amid such a great bull, crypto experts have shared their bullish sentiments, with most thinking bitcoin’s incredible bull run is just beginning and predicting that bitcoin price could hit a new ATH of $100,000